Well, folks, we’re halfway through the month, and this month has simply sucked. The market just inches (or “yards”) higher every day on volume that’s smaller and smaller. But when the Federal Government has taken over the stock market, who needs volume? (Yesterday’s volume was the lowest regular trading day volume of the ENTIRE YEAR).
Everyone, it seems, is just waiting for whatever drips out of Bernanke’s pie-hole on Wednesday morning. In the classic “you always fight your last battle” mentality, it seems the thought is that since the market shot higher on Bernanke’s crap LAST Wednesday, it’ll do the same THIS Wednesday. So stocks are getting bid up.
I’m trying to play it safe. I remain in 40% cash and have no large positions. I’d like for Bernanke to get done before I get serious. In the meantime, below is one slightly intriguing chart, which shows how the Utilities Select Sector SPDR ETF (XLU) has bounced mightily up to what might be considered some pretty serious overhead supply.
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Are Utilities Bears Getting A Second Bite Here?
Published 07/16/2013, 12:21 AM
Updated 07/09/2023, 06:31 AM
Are Utilities Bears Getting A Second Bite Here?
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